What is the global market size of Substation Market?

Global Substation Market size was valued at USD 1783.74 million in 2021 and is poised to grow from USD 1887.5 million in 2022 to USD 2925.28 million by 2030, growing at a CAGR of 5.7% in the forecast period (2023-2030).

Substation Market Size, Share, Growth Analysis, By Voltage(Low, Medium, High), By Application(Transmission, Distribution), By End-User(Utilities, Industrial), By Region - Industry Forecast 2024-2031

Q: Who are the key vendors in the Global Substation Market?

The global substation market is highly fragmented with strong presence of numerous large enterprises across developed and emerging economies. Apart from this, most of the companies are trying to expand their product pipelines through R&D, mergers and acquisitions, industry-academia partnership to commercialize more marketed molecules, or sequencing approaches. As per our market analysis, the demand for electric vehicles increases, the substation market is projected to get more competitive because of many players are already eying on taping the opportunity and establish themselves in the evolving EV market. 'ABB Ltd.', 'Alstom SA', 'Bharat Heavy Electricals Limited (BHEL)', 'Crompton Greaves Limited', 'Eaton Corporation plc', 'Emerson Electric Co.', 'General Electric Company (GE)', 'Hitachi, Ltd.', 'Hyundai Electric & Energy Systems Co., Ltd.', 'Mitsubishi Electric Corporation', 'Nari Group Corporation', 'Schneider Electric SE', 'Siemens AG', 'SPX Transformer Solutions, Inc.', 'Toshiba Corporation', 'Trasfor SA', 'Voltamp Transformers Limited', 'Wilson Transformer Company Pty Ltd', 'Wuzhou Transformers Co., Ltd.', 'Xian Electric Engineering Co. Ltd'.

Q: Which region accounted for the largest share in Global Substation Market?

Asia Pacific is dominating the global substation market and is expected to continue holding a significant market share during the forecast period. The demand for electricity is growing in Asia Pacific because of the increasing population, economic development, and electric vehicles. The population is growing rapidly in countries such as China and India, and these countries are adding both jobs and buildings. These additions require a lot of electricity to run businesses and homes. In addition, electric vehicles are becoming more popular in Asia Pacific. Many people are concerned about the environment and want to reduce their carbon footprints. Switching to electric vehicles can help do this.

Report ID: SQMIG55A2008 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 88 | Figures: 76

Substation Market Insights

Global Substation Market size was valued at USD 1783.74 million in 2019 and is poised to grow from USD 1887.5 million in 2023 to USD 2925.28 million by 2031, growing at a CAGR of 5.7% in the forecast period (2024-2031).

Substation is an electrical set-up with high-voltage capacity, which can be used to control the generators, circuits, and systems. The set-up is majorly used to convert AC to DC and is available in different sizes & voltage and also consists of an inbuilt transformer along with related switches. Some of the huge substations are built with different types of transformers, circuit breakers, switches, and other equipment.

Global substation market is witnessing strong growth due to rising number of infrastructure development project for smart cities, increasing power demand with limited space availability, growing need to replace traditional substation infrastructure, and increasing interoperability and safety. Rising demand for renewable energy projects and for battery technology to generate electricity is creating ample opportunities for the market growth.

US Substation Market is poised to grow at a sustainable CAGR for the next forecast year.

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Substation Market size was valued at USD 1783.74 million in 2019 and is poised to grow from USD 1887.5 million in 2023 to USD 2925.28 million by 2031, growing at a CAGR of 5.7% in the forecast period (2024-2031).

The substation market is highly fragmented with strong presence of numerous large enterprises across developed and emerging economies. Apart from this, most of the companies are trying to expand their product pipelines through R&D, mergers and acquisitions, industry-academia partnership to commercialize more marketed molecules, or sequencing approaches. As per our market analysis, the demand for electric vehicles increases, the substation market is projected to get more competitive because of many players are already eying on taping the opportunity and establish themselves in the evolving EV market. 'ABB Ltd.', 'Alstom SA', 'Bharat Heavy Electricals Limited (BHEL)', 'Crompton Greaves Limited', 'Eaton Corporation plc', 'Emerson Electric Co.', 'General Electric Company (GE)', 'Hitachi, Ltd.', 'Hyundai Electric & Energy Systems Co., Ltd.', 'Mitsubishi Electric Corporation', 'Nari Group Corporation', 'Schneider Electric SE', 'Siemens AG', 'SPX Transformer Solutions, Inc.', 'Toshiba Corporation', 'Trasfor SA', 'Voltamp Transformers Limited', 'Wilson Transformer Company Pty Ltd', 'Wuzhou Transformers Co., Ltd.', 'Xian Electric Engineering Co. Ltd'

As investment in power grid networks increases, micro-grids are becoming more popular around the world. Governments are also very interested in grid expansion and are working hard to expand it in a number of countries. Investment in cross-border grid networks is also increasing globally. As demand for network infrastructure for electricity transmission and distribution grows around the world, so does the demand for power consumption. investment in smart grid networks is also increasing rapidly. The factors listed above will drive substation market growth during the forecast period.

In the last few years, power consumption has increased significantly across the globe. The significant growth in the power consumption is mainly coming from robust economic development, rising population, and increased industrialization. Apart from this, people around the globe are purchasing electrically powered equipment for household use due to increased purchasing power. The substation market is projected to flourish in the years to thanks to rapid urbanization, combined with improving living standards that need consistent power supply. As a result, large number of power generation projects that mainly includes renewable energy coming from wind and solar is projected to bolster the substation market.

Asia Pacific is dominating the substation market and is expected to continue holding a significant market share during the forecast period. The demand for electricity is growing in Asia Pacific because of the increasing population, economic development, and electric vehicles. The population is growing rapidly in countries such as China and India, and these countries are adding both jobs and buildings. These additions require a lot of electricity to run businesses and homes. In addition, electric vehicles are becoming more popular in Asia Pacific. Many people are concerned about the environment and want to reduce their carbon footprints. Switching to electric vehicles can help do this.

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Substation Market Size, Share, Growth Analysis, By Voltage(Low, Medium, High), By Application(Transmission, Distribution), By End-User(Utilities, Industrial), By Region - Industry Forecast 2024-2031

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